Mortgage application

Elsmartbomb

Can anyone help? I have just just got out of a debt recovery plan and I am now debt free. I have 2 defaults on my credit history and have a credit score of 840 with experian. I'm looking to go for a mortgage for £85000 and I have 10% (£8500), what are my chances?

ACG

Do you mean a debt management plan?

When did you enter it?
When are the defaults dated?

Elsmartbomb

Yes debt managment plan, entered it about 3/4 years ago and my defaults where about 2 years ago

ACG

Get all 3 credit reports (equifax/experian/noddle.co.uk) - down to a broker.

I think this will be hit and miss... leaning more towards the miss unless you can up your deposit to 15%. But depending on how it all appears on your reports there may be options.

amnblog

I would say a definite miss unless you have at least a 15% deposit in which case you may have an option.

Elsmartbomb

A family member is willing to top up my deposit so I have 20% (16,000) my although I'm self employed my current wage is great (est £60,000 before tax this tax year) do you think natwest (my bank who see my money go in my bank every week) would accept even with my default history, because I'm told if I apply and get rejected it will further more effect my credit history

kingstreet

NatWest will want;-

latest three months' personal bank statements
plus
latest three months' business bank statements
plus
latest two years' finalised accounts
or
last two years' HMRC SA302s

for an application above 75% loan to value.

No idea what stance it might take with adverse credit visible. On which version of your credit file is the adverse data visible?

Elsmartbomb

On my experian it shows a halifax overdraft and halifax loan with a red default next to them but with a balance of £0 one default is 3 years old the other is two